Nowler's Trading Journal

This is a discussion on Nowler's Trading Journal within the Trading Journals forums, part of the Reception category; Originally Posted by Nowler Today's happenings... I posted this in my prop firm thread but feel it's appropriate for this ...

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Old Nov 6, 2017, 9:30pm   #145
Joined Feb 2017
Quote:
Originally Posted by Nowler View Post
Today's happenings...

I posted this in my prop firm thread but feel it's appropriate for this thread also.

"I applied to Maverick Trading and almost immediately my spidey senses were tingling. I couldn't quite put my finger on it but I continued...what harm?
I was required to watch a 48 min video during the application process and I did attempt to do this immediately but I had to pop out. I had gotten to about minute 10 at this stage and by then I could sense something a little off. I actually had to skip a part of the video because they were wasting my time talking about their tinder profiles and driving while taking selfies... I know right...wtf has this got to do with trading. I was in a bad mood this morning, so maybe that's the only reason I got the hump over that but still...get on with it

In hindsight I probably should have just moved on there, haha.
When I got home I had an email from them saying that my application was received and that I was required to finish the video. Reasonable request. Throughout the whole process it was made abundantly clear that I had to pass a few week training/education period and prove that I possessed the ability to move to firm capital. Again, reasonable. They went into grand depth about how good their guidance was during this education period and beyond. I still felt something was off and I was waiting for it to pop up...and it did!

It wasn't until toward the end of the video that it shot up. Once I have passed their fantastic educational period (of a few weeks) I then develop my strategy/s and prove it. Once I prove a profitable strategy then I move to level one live capital of €25,000. But there's the catch...I have to deposit 5k and then they will add the 20k

Pwahaha... I immediately stopped the video (when I finished laughing) and emailed them back, stating that I saw their video and was no longer interested.

Maybe this is how it is...but they won't be getting my money or ability
I knew I smelled a rat!

If their education is so great at ensuring I am going to be a profitable trader, then why do I have to put up 5k of my own money?

I just found this now
https://www.glassdoor.com/Reviews/Em...RVW7178589.htm


PS: I realise that it would be smart to do a check up on these places first. I just didnt this time
Nowler I'd be very surprised if you found a legit prop doing general intakes any more and since I like your attitude, it's tough to watch.

Optiver/Jane Street/First NY/Oak Cap/T3/even Met are all essentially mini quant funds now. They only want quant minded/quant educated people. The remainder are garbage educators for the most part.

You're about 10 years too late (actually more tbh) for props looking to give manual hopefuls a "shot" where they can actually then go on to earn serious money. I'm sorry. Did you try applying to Mandara for a laugh? Can't hurt. I know you lack experience, but they might be kind enough to give you some feedback at least, and they are for real. If you pursued a position there over the coming years you could end up earning some serious scratch and I think you are pretty young. It's about the only serious one I can think of that doesn't have an immediate bar to entry w/ high qualifications.

http://careers.mandaracapital.com/ju...-trader-london

Good luck with it all.
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Old Nov 6, 2017, 10:08pm   #146
Joined Sep 2017
Nowler started this thread
Quote:
Originally Posted by Fill_Or_Kill View Post
Nowler I'd be very surprised if you found a legit prop doing general intakes any more and since I like your attitude, it's tough to watch.

Optiver/Jane Street/First NY/Oak Cap/T3/even Met are all essentially mini quant funds now. They only want quant minded/quant educated people. The remainder are garbage educators for the most part.

You're about 10 years too late (actually more tbh) for props looking to give manual hopefuls a "shot" where they can actually then go on to earn serious money. I'm sorry. Did you try applying to Mandara for a laugh? Can't hurt. I know you lack experience, but they might be kind enough to give you some feedback at least, and they are for real. If you pursued a position there over the coming years you could end up earning some serious scratch and I think you are pretty young. It's about the only serious one I can think of that doesn't have an immediate bar to entry w/ high qualifications.

http://careers.mandaracapital.com/ju...-trader-london

Good luck with it all.
Thanks for the suggestion mate but I have a bit of a dilemma.
One of my core principles is to not waste people's time, and in return I expect the same from them. They have explicitly stated "Essential: 2-5 years’ trading experience", so since I am aware that I have only 6 months, then I am knowingly wasting their time by making them read my application.

On the other hand...feedback would be amazing!
But again... even my 6 month record is nothing worth showing anyone...with it's 64% drawdown and is currently in the red from the initial deposit. I mean... if I was looking to hire someone and they applied to me, totally disregarding what I said was essential, I wouldn't trust them with my capital. If I can't trust them to follow simple guidelines, then I couldnt expect them to take money from a complex market

I think what I will do is wait another few months to a year before applying to them. In the meantime I will focus on my record on this mini account. I have an application in with a firm willing to pay trainees to complete their program. It's very VERY small money but they are hitting all the right buttons for me. What sort of a scammer elects to pay €12k/year to train the future employees? I also realise that this place I speak of is probably almost as rare as hens teeth.

I am at a crossroads right now. I have that application in, but if I don't get an interview date by Christmas (program starts next Summer) then i'm out of this sh!thole! I renewed my passport last week because this firm says i'll need it (if successful) but regardless of whether I am successful, i'll be using that passport soon. Likely i'll go to the UK, but I have no children, no partner, no belongings... the world is my oyster...well...the parts that I can afford anyway
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Old Nov 10, 2017, 4:10pm   #147
Joined Sep 2017
Nowler started this thread
Quote:
Originally Posted by Brumby View Post
Basically her take on how she dealt with her dyslexic condition in trading. As for EW, unless you want to spend 10 years of your life learning it.

Also on price action I suggest you check out this website as there is a free course offered on trading. It is not those draw you in to buy stuff site. There are plenty of quality stuff in there.

https://adamhgrimes.com/marketlife-free-trading-course/
@Brumby

I have to draw attention to this again.
This is very helpful!
I have started the second last module and so far it has been hugely beneficial!
Admittedly, I haven't really been doing the homework after each module but I will start it over again after I give it the once over. The homework makes logical sense. I can see what he's trying to instill.

The course reinforces some of the things that I learn myself and it teaches me new ways to look at things, but possibly just as important as both of those, it provokes thought! I highly recommend that anyone new to trading definitely have a careful look at this! So if you are learning anything from this journal, let this be one of those things you pick up.

I have on occasion disagreed with him but then think more about it and perhaps he's right. I think he even says something about it at one point. About feeling free to disagree with him, but at least know exactly why you disagree. Same with agreeing I guess...

Anyway, I was just doing the second last module and I found myself thinking about how beneficial this has been so far and wanted to highlight it to any new or somewhat struggling traders and to say thanks to you again.

So thanks!
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Old Nov 16, 2017, 4:49pm   #148
Joined Sep 2017
Nowler started this thread Just a quick update:

Not really much to report for the last 2 weeks...just been reading, watching, learning.
I did lose another bit out of my account but that was me mucking around on the oil markets
It was educational but it was also just a bit of fun too.

It's got me thinking though...perhaps I should put another little bit on the account because at my current balance (mini account) the smallest unit of oil I can trade is about 4% of my account, which is breaking my 2% rule and is also playing on my psychology. Obviously when I am trading oil and I know I am over extended (4%) I act different...I am spooked more easily.

I just think putting another little bit of the account will help me out. I like trading oil markets too, but I don't want to be putting 4% on my trades as standard.

Apart from that, I am just experiencing and learning.
I have been looking for positions I can build in to over 2 days to a week. It's a different perspective I guess...

Anyway,
That's all I have to say.
I might not bother updating every week like I was doing. I'll just give you the direction I am going in and then update when I have something I feel is worth adding.

Tight lines, folks!
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Old Yesterday, 11:51pm   #149
Joined Sep 2017
Nowler started this thread Suggestion to readers:

In my best commercial voice...

"Is your wife unsatisfiii....*cough cough* wrong commercial..."

"Do you use a variety of web sources to refine your knowledge about the financial markets? Would you prefer to avoid having to thrall through so many sources BUT still get all of the same information, from the sources you prefer?

Well today is your lucky day! Ladies and germs, I have for you today this revolutionary but simple life hack! No more you'll go waltzing matilda! For folks, I have for you this gift from the gods!!... *gather around..*

R..S..S.."

Description: RSS is a type of web feed which allows users to access updates to online content in a standardized, computer-readable format. These feeds can, for example, allow a user to keep track of many different websites in a single news aggregator.

I am not tech savvy!
So if I can easily do this, then so can you.
Your web source must have RSS feature enabled but basically all I did was downloaded/installed (Free) a widget from the Play Store/App Store and then opened it up. I went to favourite web sources of market information and located their RSS button somewhere on the page, copied the links for the pages of information updates I wanted (Can choose all, or individual. eg. fundamentals, technical analysis, Gold/Oil/Currency market etc..). Paste that link into the widget you just installed on your home screen of mobile device and save! Do that with all the ones you want and presto! No more going through multiple sources for your info! You can set your widget to continuously check your sources or periodically. Now all your information comes through the one terminal.
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Old Today, 6:39pm   #150
Joined Sep 2017
Nowler started this thread Looking for your input:

Can someone give me a good reason why I shouldn't, when I find a high probability move, enter with 1-2% and then add .5-1% on every pullback on the 1-5min chart? Spread betting forex.

I always use stops and after each pullback, I would move the previous stops up to the next pullback level.
In the few times I tried it, I was risking more than I was making, but I was aware of this. I wouldn't use that strategy on just any trade. Only the highest probabilities I encounter.
Obviously having more risked than I intend to gain is going against one of my 2nd tier rules, but should something being outside of my core principles mean I shouldn't play with it, manipulate it, see if I can make something good of it?

I understand that slippage is something that will come to a few minds, but my broker doesn't show gaps for some reason, and takes the opposite side of my trades...so would that mean my stops will always take me out at the predetermined level? Disregard widening spreads for a moment.

Last edited by Nowler; Today at 6:51pm.
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Old Today, 9:04pm   #151
 
Kaeso's Avatar
Joined Oct 2015
Quote:
Originally Posted by Nowler View Post
Looking for your input:

Can someone give me a good reason why I shouldn't, when I find a high probability move, enter with 1-2% and then add .5-1% on every pullback on the 1-5min chart? Spread betting forex.

I always use stops and after each pullback, I would move the previous stops up to the next pullback level.
In the few times I tried it, I was risking more than I was making, but I was aware of this. I wouldn't use that strategy on just any trade. Only the highest probabilities I encounter.
Obviously having more risked than I intend to gain is going against one of my 2nd tier rules, but should something being outside of my core principles mean I shouldn't play with it, manipulate it, see if I can make something good of it?

I understand that slippage is something that will come to a few minds, but my broker doesn't show gaps for some reason, and takes the opposite side of my trades...so would that mean my stops will always take me out at the predetermined level? Disregard widening spreads for a moment.
hi N

leaving "high probability" and risk/reward aside for a minute, its fine in theory to pyramid in this way. I think it depends on the person. Most people can do the maths of why it would work but not everyone can be "arsed" to do it. Sorry to be simplistic but just do it if you want to - assuming you know your overall risk level

k

hope youre enjoying your friday night

Last edited by Kaeso; Today at 9:09pm.
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